Thoma Bravo acquires Greenphire

Thoma Bravo, a private equity investment firm focused on the software and technology-enabled services sector, has reached an agreement to acquire Greenphire, the global leader in financial lifecycle management software for clinical trials, from The Riverside Company.

The deal, which is subject to customary regulatory approvals, is expected to close in the second quarter of this year. Jim Murphy, CEO of Greenphire, will continue to lead the company along with the existing management team in King of Prussia, PA. Financial details have not been disclosed. 

Founded in 2008, Greenphire enables pharmaceutical industry leaders worldwide to run more efficient and successful clinical trials. The company's end-to-end solutions optimise clinical trial performance by streamlining payment and logistical workflows from sponsors and contract research organizations (CROs) to sites and patients in more than 70 countries. Greenphire has earned the position of trusted partner for a broad array of clients including the majority of the top 30 pharmaceutical companies and top 10 CROs as well as leading investigative research sites. Using the company's flexible SaaS solution suite, sponsors, CROs and research sites are able to support trials of any design and complexity while accommodating regional workflow preferences and nuanced regulatory requirements.    

"Our acquisition by Thoma Bravo is further validation of our strategy and the unique value we provide our clients, particularly as pharmaceutical companies and CROs accelerate trends towards participant centricity in their clinical trials," says Jim Murphy, CEO of Greenphire. "We have continued to set the standard for financial workflow automation and patient convenience in clinical trials on a global scale and look forward to building on our growth and success during this new chapter with Thoma Bravo." 

"The Covid-19 pandemic has underscored the importance of clinical trial technology solutions which enable greater research site effectiveness and better participant support," says Hudson Smith, a Partner at Thoma Bravo. "Greenphire is well-positioned to expand its client base and continue to execute on its growth strategy." 

"Through our investment and expertise in healthcare IT, we will help drive faster innovation, broaden the company's products and solutions and further expand the company's global client base," says AJ Jangalapalli, a Principal at Thoma Bravo. "We look forward to working with this market-leading franchise, Jim and the company's high-quality management team to build on Greenphire's already remarkable success." 

Jefferies LLC and AGC Partners are serving as financial advisor to Greenphire and Jones Day is serving as legal counsel. William Blair is serving as financial advisor to Thoma Bravo and Kirkland & Ellis, LLP is serving as legal counsel.